Lululemon Founder’s New Company Just Fired 10% Of Its Headquarter Staff

by MR Magazine Staff

Kit and Ace, the retail start-up launched by Lululemon Athletica Inc founder Chip Wilson’s family, has laid off roughly 10% of staff at its Vancouver headquarters, as the closely-held company slows its rapid pace of expansion. The layoffs, which impact about 35 people, come as the luxury casual wear-maker shifts focus from opening dozens of new stores to brand building and expanding its product lines. “Like other tech start-ups, we are in a constant pursuit of learning, improving and adjusting our strategy,” chief executive Paul Wilson said in an emailed statement on Sunday. Read more at Fortune.